Homeowners enjoy many benefits, including a federal tax deduction for state and local property taxes paid. Fishers, Indiana, was votedone of the top 100 best places to live in 2017 by Money magazine. With population of 86,357, a median home price of $222,000, andestimated property taxes at 10.6 mills, how much does the average homeowner pay in property taxes? (Round your final answer to thenearest cent.)Average homeowner pay in property tax Blunt County needs $700,000 from property tax to meet its budget. The total value of assessed property in Blunt is $110,000,000.What is the tax rate of Blunt? (Round to the nearest ten thousandth. Express the rate in mills.)Tax ratemills

As posted multiple independent questions we are answering only one kindly repost the unanswered…

Blunt County needs $700,000 from property tax to meet its budget. The total value of assessed property in Blunt is $110,000,000. What is the tax rate of Blunt? (Round to the nearest ten thousandth. Express the rate in mills.) Tax rate mills

Blunt County needs $700,000 from property tax to meet its budget. The total value of assessed property in Blunt is $110,000,000. What is the tax rate of Blunt? (Round to the nearest ten thousandth. Express the rate in mills.) Tax rate mills

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The Goodsmith Charitable Foundation, which is tax-exempt, issued debt last year at 9 percent to help finance a new playground facility in Los Angeles. This year the cost of debt is 15 percent higher; that is, firms that paid 11 percent for debt last year will be paying 12.65 percent this year. a. If the Goodsmith Charitable Foundation borrowed money this year, what would the aftertax cost of debt be, based on Its cost last year and the 15 percent increase? Note: Do not round Intermediate calculations. Input your answer as a percent rounded to 2 decimal places. Aftertax cost of debt % b. If the receipts of the foundation were found to be taxable by the IRS (at a rate of 35 percent because of involvement in political activities), what would the aftertax cost of debt be? Note: Do not round Intermediate calculations. Input your answer as a percent rounded to 2 decimal places. Aftertax cost of debt %
Assume you purchased a car from a dealership in Arlington Heights in 2023 for $30,000. Including sales tax, the cost of the car was $33,000. Compute the amount of sales tax from this sale that would be reported by Arlington Heights as home rule sales tax revenue and intergovernmental revenue from sales taxes for 2023. determine the sales tax rate and how it is allocated to the State, Village, Cook County, and a Special District.
Residents of the town of Sunny View, Arizona authorized a $5,000,000 renovation to theirhistoric town hall on November 15, 2022. Financing for the project consists of $2,500,000 froma 5 percent serial bond issue, $1,500,000 from a state grant, and $1,000,000 from the GeneralFund. Debt service for the serial bonds will be provided by a one-quarter-cent city sales taximposed on every dollar of sales in the city. Required: Complete the necessary journal entries to record the related transactions in the town's capitalprojects fund, debt service fund, and governmental activities at the government-wide level. Youmay ignore entries in the General Fund. The town has a calendar year-end. n. The sales tax collections for debt service amounted to $250,000. o. Central Paving and Construction gave a final billing to the town for $2,000,000. Upon last inspection by the Public Works Department, a leak was discovered in the roof.p. Public works employees installed a new sidewalk and landscaping at a…
Don't give solution in image format..
Three neighboring counties in a state have agreed to pool tax resources already designated for county-maintained bridge refurbishment. At a recent meeting, the county engineers estimated that a total of $500,000 will be deposited at the end of next year into an account for the repair of old and safety-questionable bridges throughout the three-county area. Further, they estimate that the deposits will increase by $100,000 per year for 9 years thereafter, and then cease. (a) Draw the cash flow diagram of the repair costs. Hint: Cost is shown as an arrow pointing downward. (b) The repair costs cash flow is composed of equal payment series and strict gradient series. Draw the cash flow diagram of the equal payment series
City has a population of 50,000. During this fiscal year, the city generated general revenues of $30 million. The primary revenue source is property tax. The taxable property value is $1,250 million. The debt outstanding and the debt service is 37 million and 2.7 million respectively. If the benchmark debt service ratio is 10 percent. Assume an annual interest rate of 4 percent and a twenty-year maturity for the debt, how much additional debt can the city carry?
The City of Troy collects its annual property taxes late in its fiscal year. Consequently, each year it must finance part of its operating budget using tax anticipation notes. The notes are repaid upon collection of property taxes. On April 1, the city estimated that it will require $2,500,000 to finance governmental activities for the remainder of the fiscal year. On that date, it had $770,000 of cash on hand and $830,000 of current liabilities. Collections for the remainder of the year from revenues other than current property taxes and from delinquent property taxes, including interest and penalties, were estimated at $1,100,000. Required a. Calculate the estimated amount of tax anticipation financing that will be required for the remainder of the current fiscal year. b. Assume that on April 2, the City of Troy borrowed the amount calculated in part a by signing tax anticipation notes bearing 6 percent per annum to a local bank. Record the issuance of the tax anticipation notes in…
As the tax assessor for Indian Creek County, you have been informed that due to budgetary demands attacks increase will be necessary next year. The total market value of the property in the county is $800,000,000. Currently the assessment rate is 35% and the tax rate is 30 mills. The county commission increases the assessment rate to 55% in the tax rate to 35 mills. A-how much property tax and dollars was collected under the old rates? B-how much more tax in dollars revenue will be collected under the new rates?
Compute the property tax rate for the city given the assumptions below: • Total budget expenditures: $46.5 million • Total non-property tax revenues (i.e., fees, other taxes): $6.2 million • Total taxable value of real estate: $1.9 billion • Total exemptions (non-taxable property): $257 million NOTE: Enter your answer as a number followed by 2 decimals. For example, if your answer is 13.39%, you should enter 13.39 (not 0.1339).
5) A lottery administrator has just completed the state's most recent $50 million lottery. Receipts from lottery sales were $50 million and the payout will be $5 million at the end of each year for 10 years. The expenses of running the lottery were $800,000. The state can earn an annual compound rate of 8 percent on any funds invested. (a) Calculate the gross profit to the state from this lottery. (b) Calculate the net profit to the state from this lottery (no taxes).
Need Help with this Question
Bemidji, Minnesota, needs $3,055,000 for its 2019 budget. Total assessed value of property in Bemidji is $254,583,333. What is the tax rate expressed as a percent, per $100, per $1,000, and in mills?